The Euro Area PMI Survey Sets the Tone for the Month

Services CPI in the UK versus PMI output prices or input prices is really good. Usually six months, whatever the PMIs tell you, six months later prices follow in that services sector. But that's not happened. We've had two months in a row where it's gone back up again and made new historical highs yet the PMIs said it should be lower. So it's been a real head scratcher and it's why you've seen sterling strength and big reactions in the market to those inflation prints. And the last thing, George, we've got the centric survey from the euro area and this tends to set the tone for the month in terms of where the data surprises go